GBP/USD Triangle Breakdown Reaches First Fibonacci Extension
06 Oct 2016 20:16, GMTDaily
Chart Prepared by Jamie Saettele, CMT
DailyFX Trading Guides and Forecasts
-The last update noted that “GBP/USD has broken through the bottom of the triangle. As such, focus is lower towards 1.2612 (127.2% expansion of triangle width) and eventually the triangle objective at 1.2115. 1.2940/50 is resistance in the event of a relief rally.” 1.2612 has been reached but focus does remain lower towards the noted triangle objective. I’d keep the July low near 1.2800 in mind as a resistance level now.
For more analysis and trade setups (exact entry and exit), visit SB Trade Desk
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.